A seven-year-old containership has set a new unfortunate record. The 2009-built India Rickmers built in China is being sent for scrap. Owned by Rickmers Shipmanagement, brokers report the 4,250 teu ship managed to get a very firm price of $325 per ldt for its scrapping.

In the first 10 months of the year a record 500,000 teu has been scrapped, 4.2 times more teu than the scrapping activity for the same months in 2015
The demolition of panamax containerships in teu accounts for 47% of the total demolition in 2016.

A new unfortunate record has been set in container shipping with news that the seven-year-old panamax Hammonia Grenada has been sent for scrap. The German controlled ship was delivered in January 2010 from a yard in China. Hammonia Reederei has bagged $5.5m from the sale of the 4,249 teu ship.

Some 700,000 teu of containerships were scrapped last year with panamaxes the most favoured for the scrapheap in the wake of the opening of the expanded Panama Canal. Panamax boxships have witnessed the fastest, most significant value destruction of any ship type in more than a generation and plenty more sub-10-year-old vessels will likely end up in recycling yards this year.